For anyone in a financial crisis, the notion of pursuing bankruptcy is very stressful and there are several misconceptions and myths that may make a good candidate hesitant. In these cases, it is imperative to consult with the knowledgeable Ohio bankruptcy attorneys at Luftman, Heck & Associates, who can help you navigate the process and answer any questions you may have. Recently, a disabled man in his 60’s from Grafton, Ohio, found himself in significant debt but thought that if he filed, then he’d lose all of his property after bankruptcy. Specifically, he thought the trustee officials would come to his home and appraise his belongings to sell in order to recoup his debts. The man, who had two mortgages also had several vehicles and two motorcycles that he understandably wanted to keep; therefore, he sought out LHA for advice and assistance.
As experienced bankruptcy lawyers, LHA was able to put his client’s mind at ease and explained that he would not lose his property after bankruptcy. Under our representation, the client filed a chapter 13 bankruptcy, which allowed him to remove his $55,000-second mortgage and not only was the man able to retain his items but new appraisals, actually lowered the outstanding principal amounts on his vehicles and motorcycles, which resulted in lower monthly payments. In the end, after a three-year bankruptcy period, the man only needed to keep up with one mortgage payment and paid off all of his cars and motorcycles, relieving him of these troublesome financial concerns.
The outcome of an individual case depends on a variety of factors unique to that case. Case results do not guarantee or predict a similar result in any similar or future case.